(Yicai Global) Jan. 21 -- China National Nuclear-backed SUFA Technology Industry will invest USD20 million to establish a subsidiary in the United Arab Emirates to explore the industrial valve market of the Middle East.

SUFA's new unit in the China-UAE Industrial Capacity Cooperation Demonstration Zone will design, manufacture, and sell various types of valves and parts, the Suzhou-based firm said in a statement yesterday. 

The subsidiary will make use of the parent's business relationships with major oil companies in Saudi Arabia, Kuwait, and Abu Dhabi, the company added.

China and the UAE agreed in 2017 to build the industrial park near Khalifa Port as part of China's Belt and Road initiative, a multi-billion dollar Silk Road-themed investment strategy. 

SUFA's shares [SHE: 000777] fell by 1.48 percent to CNY12.61 (USD1.83) this afternoon.

Editor: Emmi Laine